Revised Guidelines for Appointment of Statutory Auditors in Public Sector Banks with effect from the year 2013-14
Posted Date : 13-Jan-2014 , 09:42:07 pm | Posted By
CA.Khurana Vivek
Based on the recommendations of a Working Group (WG) to review the norms for empanelment of statutory auditors for public sector banks and other related issues and after seeking the approval of GoI, it has been decided to revise the guidelines on appointment of statutory auditors in public sector ba...
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Category : Auditing |
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Impact of RBI Guidelines of Rs. 20 Crore for Statutory Branch Audit
Posted Date : 20-Oct-2013 , 08:33:58 pm | Posted By
ANKIT AGGARWAL
Analysis of Audited/Unaudited Bank Branches was done for the year 2012-13 to find out the impact of RBI guidelines in which Only nationalised banks of India whose advances are above Rs. 20 Crores were made subject to Bank Branch Audit.
After detailed analysis and...
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Category : Auditing |
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AUDIT REPORT FOR CA IPCC
Posted Date : 14-Oct-2013 , 07:10:27 pm | Posted By
Anurag Singal
AUDIT /AUDITING REPORT
Draft an illustrative Audit Report u/s 227 of the Companies Act, 1956, with a few qualifications. Annexure u/s 227(4A) is not required.
In this situation, we depict a case where the auditor was unable to obtain sufficient appropriate audit evidence regarding ...
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Category : Auditing |
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Audit Working Papers
Posted Date : 05-Oct-2013 , 08:07:12 am | Posted By
Anurag Singal
Audit Working Papers (M’10, N’11, M’07, and N’12)
Theme
If you haven’t documented, you haven’t performed
SA 230 “Audit Documentation (N’08)
Utility:
· Document the Natur...
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Category : Auditing |
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Audit Trail in EDP Audit_CA IPCC
Posted Date : 05-Oct-2013 , 08:03:19 am | Posted By
Anurag Singal
Audit Trail in EDP (N’04)
Audit is doable if one can relate ‘one-to-one’ basis, the original input along with the final output
a) In some situations, output is as complete and as detailed as in any manual system.
E.g. Detailed calculations, casts, postings etc for Credit Notes ...
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Category : Auditing |
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Preparation Strategies for Auditing & Assurance -CA IPCC Paper 6
Posted Date : 01-Oct-2013 , 11:50:03 am | Posted By
Anurag Singal
Instead of giving you a blanket statement “Study hard” etc, I though would give you more strategic insights. There is no assurance that the strategy I enumerate would necessarily work for you in the Auditing paper. However given my past experience of coaching students and authoring Audit...
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Category : Auditing |
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Appointment of Auditor Under New Companies Bill, 2013
Posted Date : 26-Aug-2013 , 04:22:15 pm | Posted By
Keshav Kumar KC
Appointment of Auditor under new Companies Bill, 2013 (Companies Act)
The appointment of auditor under new Companies Bill, 2013 has made major changes in appointment procedure and tenure of appointment in comparison to the Companies Act, 1956. Section 224 to 233 of the Companies Ac...
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Category : Auditing |
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Cost Accountant linking Internal Audit through Balanced Scorecard
Posted Date : 25-Aug-2013 , 06:33:42 pm | Posted By
INDRANEEL SEN GUPTA
Four pillars of the balanced score card have been discussed many times through my pen. Balanced score card needs to be linked with the enterprise value of the organization. Enterprise valuation means in simple formula
Enterprise value = Equity value + market value of debt + minority interes...
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Category : Auditing |
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Audit committee
Posted Date : 25-Jun-2013 , 02:49:21 pm | Posted By
Vikash Kumar Jha
Audit committee
The requirements for the execution of the clause 49 can be categorized into mandatory and non-mandatory requirements and the Audit Committee is one of the mandatory requirements.
The audit committee should consist of minimum three directors. Out of which two thirds are indepen...
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Category : Auditing |
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COMPANIES (AUDITOR’S REPORT) ORDER, 2003 - APPRAISAL NOTE
Posted Date : 31-May-2013 , 03:50:44 pm | Posted By
Gaurav Dhamija
COMPANIES (AUDITOR’S REPORT) ORDER, 2003
APPRAISAL NOTE
Applicability (Any of the Following)
1. Paid – up capital and reserves of more than 50 Lacs.
2. Has accepted any public deposit.
3. Turnover exceeding Rs....
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Category : Auditing |
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Audit Procedure
Posted Date : 31-May-2013 , 03:46:40 pm | Posted By
Gaurav Dhamija
GENERAL PROCEDURES:
1. Study the previous year’s income tax file of the concern maintained by the Chartered Accountant.
Documents which we have to study in the file said above:
a. General information about the clien...
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Category : Auditing |
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4 | Hits : 1188 |
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Checklist for HR Audit
Posted Date : 20-Apr-2013 , 06:33:33 pm | Posted By
Chetan Nohvar
Following points needs to be considered while audit of personnel Department :‐
1. Under the Constitution of India, Labour is a subject in the Concurrent List where both the Central & State Governments are competent to enact legislation subject t...
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Category : Auditing |
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2 | Hits : 2026 |
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Audit Tips for Beginners
Posted Date : 20-Apr-2013 , 06:26:26 pm | Posted By
Chetan Nohvar
Audit is a process or technique to verify the accuracy and reliability of the financial statement of company/firm/proprietor/others.
It requires professional judgement to overcome certain dilemmas and take correct decisions while auditing.
&...
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Category : Auditing |
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2 | Hits : 1537 |
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More than Just Auditing
Posted Date : 25-Mar-2013 , 04:32:32 pm | Posted By
Tejas Rupani
What things make difference between normal auditor and valuable auditor? More particularly I am focusing on article called as “More than Just Auditing” because we are leaving in a country which is emerging as a developed country by latest 2020. Now the time has come to create a value a...
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Category : Auditing |
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Difference between Management and Those Charged With Governance (TCWG).
Posted Date : 11-Mar-2013 , 01:07:13 pm | Posted By
Vinay Sharma
Difference between Management and Those Charged With Governance (TCWG). For Accounting Professionals and Students it is very much of relevance to know the DIFFERENCE BETWEEN MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE (TCWG) in relation to SA-260 (Communication of audit matters to those charged ...
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Category : Auditing |
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An Illustrative Format of Report of the Auditor of a Banking Company
Posted Date : 09-Mar-2013 , 06:30:08 pm | Posted By
Vinay Sharma
INDEPENDENT AUDITOR’S REPORT
To
The Shareholders
Report on the Financial Statements
1. We have audited the accompanying financial statements of the ABC Bank Limited, which comprise the Balance...
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Category : Auditing |
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Illustrative Format of Report of the Auditor of a Nationalised Bank
Posted Date : 26-Feb-2013 , 06:12:17 pm | Posted By
Vinay Sharma
INDEPENDENT AUDITOR’S REPORT
To
...
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Category : Auditing |
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Extension of Last date for Filing of Cost Audit Report (CAR) and Cost Compliance Report (CCR) in the eXtensible Business Reporting Language (XBRL) mode.
Posted Date : 26-Dec-2012 , 11:01:39 pm | Posted By
NAVNEET KUMAR JAIN
Extension of Last date for Filing of Cost Audit Report (CAR) and Cost Compliance Report (CCR) in the eXtensible Business Reporting Language (XBRL) mode.
By Navneet Kumar Jain
FCMA, MBA, LL.B., M.COM., PGDTL, LIII., AIIISLA
Keeping in view of the ongoing requests from differ...
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Category : Auditing |
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Companies Bill for independent regulator for auditors
Posted Date : 07-Dec-2012 , 04:32:58 pm | Posted By
ASP
The Companies Bill, 2011 provides for setting up of National Financial Reporting Authority (NFRA), an independent regulator for auditors, Parliament was informed.
The authority would formulate accounting and auditing standards as well as monitor and enforce them among other things, Minister of C...
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Category : Auditing |
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0 | Hits : 420 |
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Cost Compliance Report and Cost Audit Report
Posted Date : 23-Nov-2012 , 12:57:35 am | Posted By
NAVNEET KUMAR JAIN
Difference in applicability of Cost Compliance Report and Cost Audit Report
New Cost Audit Orders and its Comparision with earlier orders
By CMA Navneet Kumar Jain
FCMA, MBA, LL.B., M.COM., PGDTL, LIII., AIIISLA
With issue of various circulars, cost audit orders a...
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Category : Auditing |
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Pivot Tables - Excel Tool for Data Analysis
Posted Date : 23-Oct-2012 , 06:57:20 pm | Posted By
Preeti
Pivot Tables - Excel Tool for Data Analysis
As we are all aware excel is widely used for accounting and financial purposes.
In the past they were used only to perform basic maths, such as adding, multiplying, subtracting and dividing. Today's spreadsheets can be sign...
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Category : Auditing |
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MCA to Review Cost Audit/Compliance Reports
Posted Date : 20-Oct-2012 , 09:32:04 pm | Posted By
NAVNEET KUMAR JAIN
MCA to Review Cost Audit/Compliance Reports
By CMA Navneet Kumar Jain
FCMA, MBA, LL.B., M.COM., PGDTL., LIII., AIIISLA
Festive season is on and the costing professionals along with Financial Heads of the organisations are busy in preparation of cost records and finalizing the same fo...
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Category : Auditing |
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Internal Audit- 'A Shift'
Posted Date : 08-Oct-2012 , 11:58:06 am | Posted By
Mukul Gulati
A shift from Conventional Internal Audit to Risk Based Internal Audit
The present Internal Audit across small and mid-sized organization involves a dry review of Purchase, Sales, Operations, Finance and Payroll functions with results more likely to reveal...
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Category : Auditing |
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Cost Records & Compliance Certificate Applicability
Posted Date : 13-Sep-2012 , 12:40:47 pm | Posted By
CMA Arif Farooqui
APPLICABILITY OF MAINTAINES OF COST RECORDS & COMPLIANCE CERTIFICATE
MAINTENANCE OF COST ACCOUNTING RECORDS
As per notification issued by Ministry of Corporate Affairs, dated 3rd June, 2011; The Companies (Cost Accounting Records), Rules 2011 shall apply to every company, including a foreign c...
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Category : Auditing |
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A breif on Companies Cost Audit Orders- 2011
Posted Date : 13-Sep-2012 , 12:33:54 pm | Posted By
CMA Arif Farooqui
Cost Audit Orders - 2011
Ministry of Corporate Affairs has issued various Co...
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Category : Auditing |
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Auditing - A Beginners Guide
Posted Date : 31-Aug-2012 , 03:38:27 pm | Posted By
Mukul Gulati
Auditing - A Beginners Guide
A couple of days before a new intern joined my firm, and believe me he was too frightened. He asked me that you all are involved in Auditing Line, so give me some tips so that it will help me out for my future projects.
“Points to be considered wh...
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Category : Auditing |
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Ledger Scrutiny - Backbone of Statutory Audit
Posted Date : 31-Aug-2012 , 03:22:38 pm | Posted By
Mukul Gulati
Ledger Scrutiny - Backbone of Statutory Audit
So Professionals September season is going to start & I know everyone will be busy with their respective Audits. The same thing is happening with me & i am also fed up of 6 A.M TO 10 P.M Schedule. But if we look at the other side th...
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Category : Auditing |
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Bank Concurrent Audit
Posted Date : 04-Aug-2012 , 01:51:08 pm | Posted By
Vikash Kumar Jha
Bank Concurrent Audit
Bank Concurrent Audit is a kind of internal audit where auditor responsibility is to review and correct assign bank branch internal control system.
However compare to other internal audit, concurrent audit is little different; in concurrent audit auditor ...
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Category : Auditing |
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6 | Hits : 11727 |
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Differences Between Internal Audit And Statutory Audit
Posted Date : 04-Aug-2012 , 01:29:29 pm | Posted By
Vikash Kumar Jha
An internal audit is conducted by the permanent staff of the same office to detect weakness in system, procedures and for the improvement. But statutory audit is the act of checking books of accounts as per the provision of company act. Both of them check books of account, detect errors and fraud...
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Category : Auditing |
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4 | Hits : 2311 |
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Last for Submission of Cost Audit/Compliance Report Extended
Posted Date : 27-Jul-2012 , 07:44:46 am | Posted By
NAVNEET KUMAR JAIN
Extension in last date of Filing of Cost Audit Reports or Cost Compliance Reports:
Last Date Extended upto 31/12/12
By Navneet Kumar Jain
FCMA, MBA, LL.B., M.COM., PGDTL, LIII., AIIISLA
Normally July to September is the time for finalization of audits especially Financ...
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Category : Auditing |
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0 | Hits : 2980 |
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